05-15-1989 Executive SessionMay 15, 1989 meeting - continued
John Patterson introduced Clark Courtner who will be working on his
internship this summer with the City.
With no .further business, meeting adjourned at 8:19 p.m.
The Mayor and Council met again in executive session following their regular
meeting at 8:25 p.m. with Gordon Mortin from Lex Jolley & Associates. A
motion was made, seconded and unanimously approved that council go into
executive session to discuss refunding a portion of the Series 1984 Bonds to
obtain a lower interest rate.
Jim Hawkins made a motion a portion of the 1984 Series Water and Sewer
Revenue Bonds be refunded as recommended, for a net savings of $242,773.75.
Bill Scoggins seconded the motion which carried 6-0.
With no further business, meeting adjourned at 8:45 p.m.
A. MAX BACON, MAYOR
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BOB BETENBAUGH, WARD 7
May 22, 1989
A special called meeting of Mayor and Council was held May 22, 1989 at Smyrna
City Hall. The meeting was called to order at 7:30 o'clock p.m. by presiding
officer Mayor A. Max Bacon. All council members were present except for Bob
Davis and Bob Betenbaugh. Also present was City Administrator John Patterson
and City Attorney Charles E. Camp.
Gordon Mortin with Lex Jolley & Associates stated the interest rates are down
at this time and made the refinancing of the 1984 Water and Sewer Revenue
Bonds very attractive. The arbitrage regulations have been rewritten and will
not allow investing of the cushion funds. We have lost about $70,000 because
of the new regulations and by approving the Bond Purchase Agreement, the City
would save over $200,000.
Jim Hawkins made a motion the Mayor be authorized to execute the Bond
Purchase Agreement for $3,510,000. Jack Shinall seconded the motion which
carried 6-0.
With no rt business meeting adjourned.
A. BACON, MAYOR
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BOB BETENBAUGH, WARD 7